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3 b. Suppose a particular firm has the production function for k = 120 and Oi, = 1' Assume that each unit of labor costs
3 b. Suppose a particular firm has the production function for k = 120 and Oi, = 1' Assume that each unit of labor costs $280 and each unit of capital costs $420, and that the total expenses for all costs cannot exceed $104,000. Find the maximum production level for the rm. 3 1 To solve this problem, maximize the function f(x,y) = 120x4 y4 subject to the constraint g(x,y) = 280x+ 420y- 104000 = 0. The maximum production level for the rm is approximately 22,952V units. (Round to the nearest integer as needed.)
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